Anyone who reads the news will be able to tell you what state the UK's economy is in; house prices have fallen, unemployment is at an astronomic level and interest rates on personal loans are going through the roof. Recently it has been said that the rise of interest on personal loans hasn't been as prominent in the news as it perhaps should be, as loan companies are cashing in because of the hype around the recession.
Despite the face that the Bank of England base rate is currently at 0.5%, some lenders have increased their interest rate by a percentage point since last month. This means that some people will be paying around 9% interest for their personal loan, even if they have a sterling credit rating. This could add up to £100 extra to the total cost of a loan of £10,000 paid back over 5 years.
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With most of the limelight focused on savings and house prices, the rise of interest on some personal loans has been somewhat brushed under the carpet. The recession has hit loan companies hard and has taught them a valuable lesson- don't lend to risky customers. With unemployment still rising and available jobs decreasing, more people are struggling financially and will focus on paying their most important bills first, such as their mortgage, utilities and food costs.
This is losing the loan industry millions every year, so it is no surprise that interest rates are on the increase. If you apply for a loan make sure you have a good credit rating as you will be likely to face an even higher interest rate as you will be seen as more of a risk.
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